CA-based Portal secures $34million in seed funding. Along with other fintech and cryptocurrency investors, Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io participated in the round.
The money will be used by the business to further develop Portal DEX and Portal Wallet, its two flagship products. Portal is a fintech company led by CEO Chandra Duggirala that uses technology to give users access to Bitcoin and other cryptocurrency marketplaces, thus promoting financial self-sovereignty.
Read also – Canada-based Cnergreen Secures $2Million in Seed Funding
Individual investors will be able to exchange digital assets across blockchain networks with efficiency, reduced costs, more transparency, improved security, and privacy thanks to Portal’s decentralized bitcoin ecosystem.
A Bitcoin-based exchange, Portal DEX allows for faster, less expensive, and more transparent, secure, and interoperable Layer 2 atomic swaps of cryptocurrencies between blockchains. Through the integration of Portal DEX, Portal Wallet is a completely non-custodial solution that enables users to accept, store, and send coins between blockchains.
Read also – Arizona-based MY DR NOW Secures $60Million in Funding
Chandra Duggirala said: From the very early days of Mt. Gox to FTX, centralized exchanges have been a persistent source of risk to user funds. Now, the risk remains, but it has taken a new form in bridges and other custodial cross-chain solutions. Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology. With the support of our investors, we look forward to introducing cross-chain infrastructure that finally enables users to execute trades quickly and safely.”
About Portal
Portal constructing the means of achieving worldwide financial autonomy. Every person is financially empowered by their community of tools, peer-to-peer infrastructure, serverless architecture, and web scalability. Their goal is to hasten the emergence of hyperbitcoinization.
Read also – NYC-based GreenSpark Secures $9.4Million in Funding
